UGSDX vs. PIASX

Last updated Jun 23, 2026

UGSDX (U.S. Global Investors U.S. Government Ultra-Short Bond Fund) and PIASX (PIA Short Term Securities Fund) are both Ultrashort Bond funds. Over the past 10 years, UGSDX returned 1.57%/yr vs 2.29%/yr for PIASX. At a 0.14 correlation, their price movements are largely independent. UGSDX charges 1.06%/yr vs 0.39%/yr for PIASX.

Performance

UGSDX vs. PIASX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in U.S. Global Investors U.S. Government Ultra-Short Bond Fund (UGSDX) and PIA Short Term Securities Fund (PIASX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UGSDX achieves a 1.32% return, which is significantly higher than PIASX's 0.82% return. Over the past 10 years, UGSDX has underperformed PIASX with an annualized return of 1.57%, while PIASX has yielded a comparatively higher 2.29% annualized return.

UGSDX

• 1D: 0.00%
• 1M: 0.25%
• YTD: 1.32%
• 6M: 1.63%
• 1Y: 3.51%
• 3Y*: 3.95%
• 5Y*: 2.30%
• 10Y*: 1.57%

PIASX

• 1D: 0.00%
• 1M: 0.23%
• YTD: 0.82%
• 6M: 0.97%
• 1Y: 3.55%
• 3Y*: 4.95%
• 5Y*: 3.06%
• 10Y*: 2.29%

*Multi-year figures are annualized to reflect compound growth (CAGR)

UGSDX vs. PIASX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UGSDX U.S. Global Investors U.S. Government Ultra-Short Bond Fund	1.32%	3.93%	4.31%	4.15%	-1.66%	-0.44%	0.32%	1.49%	1.18%	1.49%
PIASX PIA Short Term Securities Fund	0.82%	5.09%	5.22%	5.62%	-1.09%	-0.02%	1.85%	3.16%	1.20%	0.95%

Correlation

The correlation between UGSDX and PIASX is 0.04, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.04
Correlation (3Y) Calculated over the trailing 3-year period	0.08
Correlation (5Y) Calculated over the trailing 5-year period	0.14
Correlation (10Y) Calculated over the trailing 10-year period	0.11
Correlation (All Time) Calculated using the full available price history since Jan 6, 2014	0.14

Return for Risk

UGSDX vs. PIASX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

UGSDX

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

PIASX

PIASX Risk / Return Rank: 97
PIASX Sharpe Ratio Rank: 98
PIASX Sortino Ratio Rank: 98
PIASX Omega Ratio Rank: 98
PIASX Calmar Ratio Rank: 95
PIASX Martin Ratio Rank: 96

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

UGSDX vs. PIASX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for U.S. Global Investors U.S. Government Ultra-Short Bond Fund (UGSDX) and PIA Short Term Securities Fund (PIASX). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	UGSDX	PIASX	Difference
Sharpe ratio: Return per unit of total volatility	3.60	3.65	-0.05
Sortino ratio: Return per unit of downside risk	—	6.27	—
Omega ratio: Gain probability vs. loss probability	—	2.29	—
Calmar ratio: Return relative to maximum drawdown	—	5.27	—
Martin ratio: Return relative to average drawdown	—	22.44	—

UGSDX vs. PIASX - Sharpe Ratio Comparison

The current UGSDX Sharpe Ratio is 3.60, which is comparable to the PIASX Sharpe Ratio of 3.65. The chart below compares the historical Sharpe Ratios of UGSDX and PIASX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

UGSDX vs. PIASX - Drawdown Comparison

The maximum UGSDX drawdown since its inception was -2.83%, smaller than the maximum PIASX drawdown of -3.28%. Use the drawdown chart below to compare losses from any high point for UGSDX and PIASX.

Drawdown Indicators

	UGSDX	PIASX	Difference
Max Drawdown Largest peak-to-trough decline	-2.83%	-3.28%	+0.45%
Max Drawdown (1Y) Largest decline over 1 year	0.00%	-0.70%	+0.70%
Max Drawdown (3Y) Largest decline over 3 years	-0.51%	-0.70%	+0.19%
Max Drawdown (5Y) Largest decline over 5 years	-2.83%	-2.61%	-0.22%
Max Drawdown (10Y) Largest decline over 10 years	-2.83%	-2.61%	-0.22%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-0.29%	-0.25%	-0.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.00%	0.16%	-0.16%

Volatility

UGSDX vs. PIASX - Volatility Comparison

U.S. Global Investors U.S. Government Ultra-Short Bond Fund (UGSDX) has a higher volatility of 0.25% compared to PIA Short Term Securities Fund (PIASX) at 0.20%. This indicates that UGSDX's price experiences larger fluctuations and is considered to be riskier than PIASX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UGSDX	PIASX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.25%	0.20%	+0.05%
Volatility (6M) Calculated over the trailing 6-month period	0.65%	0.76%	-0.11%
Volatility (1Y) Calculated over the trailing 1-year period	0.98%	1.00%	-0.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.79%	1.11%	+0.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	1.52%	0.96%	+0.56%

UGSDX vs. PIASX - Expense Ratio Comparison

UGSDX has a 1.06% expense ratio, which is higher than PIASX's 0.39% expense ratio.

Dividends

UGSDX vs. PIASX - Dividend Comparison

UGSDX's dividend yield for the trailing twelve months is around 3.45%, less than PIASX's 4.00% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PIASX PIA Short Term Securities Fund	4.00%	4.57%	4.69%	3.61%	1.32%	0.78%	1.34%	2.01%	1.59%	1.15%	1.05%	0.81%
UGSDX U.S. Global Investors U.S. Government Ultra-Short Bond Fund	3.45%	3.85%	4.23%	3.55%	0.87%	0.06%	0.32%	1.48%	1.17%	1.48%	0.44%	0.44%

Frequently Asked Questions

Can I hold both UGSDX and PIASX in my portfolio?

UGSDX and PIASX have a correlation of 0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UGSDX or PIASX?

UGSDX has higher volatility (0.25%) compared to PIASX (0.20%). In terms of maximum drawdown, UGSDX dropped -2.83% vs PIASX's -3.28%.

Which has better risk-adjusted returns?

PIASX currently has the higher Sharpe Ratio (3.65 vs 3.60), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.